Last updated on December 10th, 2020 at 05:46 am
When it comes to building a new home, the key to a smooth experience lies in preparation.
Before embarking on your exciting project, you’ll need to consider a few aspects to ensure you’re fully prepared for the journey ahead. From the legal side of things through to the financial aspects, here are some points for you to consider before commencing the construction.
First and foremost, have you organised a solicitor? Before commencing a home build, a solicitor will review the land and building contract and help to identify barriers that could bring your project to a halt throughout the construction process. For example, they’ll identify land borders, determine the cost of utility installation, and examine covenants. Revealing covenants is especially important, as they’ll determine the size of your building, as well as other restrictions.
Next, you’ll need to have your stamp duty ready to go. In the Australian Capital Territory and New South Wales, the Stamp Duty Act calculates your costs on the basis of the property’s value. How much you pay per $100 will increase in line with your property’s worth. All stamp duty payments must be made in line with the relevant state or territory’s Duties Act, so make sure you calculate your stamp duty and know where to pay, to avoid any potential delays.
Before you start building, you’ll also need to pay a land developer Compliance Bond. The Compliance Bond is a fee you’ll pay to us, as the developer, to ensure your home and any surrounding landscaping such as fences, letterboxes and driveway, meets the design and quality criteria set out for your home’s suburb. Once the home is completed and the property has been inspected, the fee will be refunded to you in full.
As you pursue your project, you’ll likely need to secure finance. From the mortgage broker fees to bank loan setup, most financial activities come with upfront costs. To prevent any delays to the construction, it’s wise to do some research, ask your bank or mortgage broker questions and create a budget accordingly.
Although there’s a lot of admin associated with building a new home, it’s still a very exciting time. From laying the first brick through to seeing your project complete, this is a large and incredibly rewarding project.
Building a home can seem daunting however our friendly team will guide you through each stage of the process. Our team is committed to meeting customer’s needs through a personalised and professional service. To ensure your peace of mind, we employ a clear customer charter which encompasses our 6 Peace of Mind Inclusions.
We strive to remove stress from the building process and make the experience as easy and transparent as possible. To learn more about our services, call us on 1300 234 432.
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